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1、IPOdiscountreferstothepriceofIPOshareswassignificantlylowerthanthepricelistedonthefirstdayoftrading.IPOdiscountprevailinginthecountry'sstockmarket.AsforthebaiduIPO,thediscountismuchhigherthanpeopleexpected.Theissuepriceis27dollars,tocloseat122.54dollars,whichri
2、ses 353.58percent .Therearethreemain reasonsfor this situation.Firstofall,Baiduonlyissues400millionAmericandepositaryreceipts(ADS),wellbelowthecirculationneedsofinvestorstobuy.Second, when investors lookat Baidu,theywouldliketocompareitwithgoogleandthinkthatBa
3、iduwillbecomeChina's google.Again,manyinvestorsareoptimisticaboutthefuturedevelopmentof theChinesesearchmarket.OfcoursesuchahighIPOmeansthatlotsofmoneythatshouldbelongtobaiduhasbeingstolen.440 millionshares,39 dollar drop, $170,000,000 ah!The benefit is that th
4、eriskinvestors.Theso-called price-earningsratio istherateofastocksharepriceandearingspershare.Itrepresentsthesizeofinvestmentriskandthelenghofpaybackperiod.Therevenuesofbaiduin2004is14milliondollars,andthenetprofitisonly145millondollars.Bythecurrent shareprice,
5、122dollar,Baidu's marketvalue iscloseto 4billion,Whilethedynamicprice-earningsratioisashighas2400times.Inotherwords,ifbaidumakemoneyatthecurrentpace,(thisisalreadyaveryhighspeed),ThoseUSinvestorsneedtorecoveritscost2450yearslater.Bycomparison,Google andYahoo's
6、earnings are only70 times.Baidu's stockprice positioningand market pricesaredifferentfromotherstocks.Thestockmarketcertainlyexistsartificiallyhigh,one cannothelpthinkingof the comingofinterbubble.Baidu'srevenue thisyear, therefore mustbe severaltimes betterthan
7、 lastyear's growthinordertomeet suchahigh price-earningsratio, ifitisnot thecase, Baidu willfacesharestumbling.If investorscannot keepaclearhead,oncethe bubblebursts, willcertainly sufferedheavylosses.Intheconditionthatthetrendofthestockmarket.orinvestors,the p
8、urchaseof Baidu shares needto becautious.....
